Raiffeisen Bank in Romania has launched Factory by RAIFFEISEN BANK, a startup lending program.
The main purpose of the program is to encourage the development of new businesses, to support entrepreneurs that have solid business plans, to develop and implement viable business projects with added value for the economy. This in turn will lead to the implementation of innovative ideas that will improve the position of SMEs on the market and increase competitiveness in the field.
During the first edition of factory by RAIFFEISEN BANK, which took place in March – June 2018, 27 new businesses received funding.
The contest took place in three stages: the registration of projects, the evaluation of the projects by a committee of specialists, and the support of the project (by the finalists) before a jury.
Projects funded under the program were announced in May and were celebrated at the Gala Factory in June.
Ab Initio was applying with our innovative business idea: creating new software tools for the design of novel, advance, nano-materials and pharmaceutically active materials as well as for the pharmacological and toxicological assessment of the latter ones.
Out of the 84 applications submitted in the first edition of this program, 52 reached the final stage, and 27 were selected for funding totalling to a 750,000 EURO assistance. Our company also got rewarded with a 35.000,00 Euro overdraft type loan.